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Flat Capital AB Series B (FLAT-B) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of Flat Capital AB Series B SEK 10.04, price SEK 7.82, upside +28.4%, quality 20 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · SE · ISIN SE0016609846

FC Thin data Sep 27, 2026

Flat Capital AB Series B

FLAT-B · ST

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value kr 10.04 · Undervalued (+28.4%)
!Quality 20/100
!Mixed Growth (revenue 3y +12.8 %/yr)
!Low debt · negative free cash flow
✓Ranks above peers (6/9)
!Narrow moat 37/100
!Evidence only low, so the estimate is less certain

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 34.74 kr 6.66 Fair Value kr 10.04 Oct 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

59‑month range kr 6.66 – kr 34.74 · fair‑value band kr 7.53 – kr 12.55 · the kr 7.82 price screens below the kr 10.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Flat Capital AB (publ) is an investment company. The company was incorporated in 2013 and is based in Stockholm, Sweden. Flat Capital AB (publ) operates as a subsidiary of Double Sunday IV AB.

Stock analysis

Flat Capital AB Series B (FLAT-B) currently trades at kr 7.82, while our model-based Fair Value estimate is kr 10.04, implying the stock looks roughly 22.1% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the evidence level at low.

Scenario range: kr 7.53 (bear) to kr 12.55 (bull), the price of kr 7.82 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 20/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Flat Capital AB Series B reported revenue of 34.6M SEK in FY2025 versus 9.2M SEK in FY2021, a compound +39.2%/yr. Reported net income was −2.3B SEK in FY2025.

Key figures

Market cap 4.7B SEK (≈ $475M) · EPS (TTM) kr −17.31 · Return on equity −60.4% · Return on assets (EBIT) −7.4% · Operating margin 99.5% · Revenue (TTM) −3.7B SEK · Revenue growth (YoY) +13.1% · EPS growth (YoY) +72.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 64% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 28%, FLAT-B screens cheaper than that median.

Fair Value models

Bear kr 7.53 Fair Value kr 10.04 Bull kr 12.55
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
P/B Multiple kr 8.86 kr 11.81 kr 14.76 53
NCAV (Graham) kr 6.95 kr 9.31 kr 13.89 52
All 2 models by family
Multiples
P/B Multiple kr 8.86 kr 11.81 kr 14.76 53
Asset-Based
NCAV (Graham) kr 6.95 kr 9.31 kr 13.89 52

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Quality Score breakdown

Overall quality 20/100

Of which business quality 23 · Market factors (momentum, volatility) 8

Profitability 0
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 16
Calm price path (market factor)
Momentum 7
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 26/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2,534.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.8%
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
5,687.1% (2020) → −6,595.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 647 stocks

Beats the industry median on 5/7 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 23 · Bottom 25%
Fair Value upside +28.4% · Above median
Profitability
Return on assets −37.6% · Bottom 25%
Operating margin (TTM) 99.5% · Top 25%
Growth and dividend
Revenue growth 13.1% · Above median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.07× · Cheapest 25%
EV/EBITDA 3.2× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)71 · sector 55
FUTURE (revenue growth)66 · sector 29
PAST (return on equity)0 · sector 22
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)0 · sector 81

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $118.42 $52.29 −56%
KKR & Co KKR $96.67 $29.26 −70%
Brookfield Corporation BN $36.87 $13.45 −64%
Apollo Global Management, Inc APO $121.69 $197.23 +62%
State Street Corporation STT $181.34 $139.37 −23%
Ameriprise Financial, Inc AMP $493.00 $595.40 +21%
Ares Management Corporation ARES $122.01 $103.68 −15%
Northern Trust Corporation NTRS $175.73 $123.42 −30%
Raymond James Financial, Inc RJF $159.87 $317.27 +98%
Exor N.V EXO €70.55 €139.37 +98%

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Cite: Fair Value Calculator (2026). "Flat Capital AB Series B Fair Value". https://www.fairvalue-calculator.com/stock/FLAT-B

Frequently asked questions

Is Flat Capital AB Series B (FLAT-B) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of kr 10.04 versus a price of kr 7.82, about +28% upside (undervalued).
What is the fair value of FLAT-B?
Our model-based fair value for Flat Capital AB Series B is kr 10.04 (as of Sep 27, 2026), built from audited fundamentals. The current price: kr 7.82.
What is the quality score of FLAT-B?
Flat Capital AB Series B has a Quality Score of 20/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Flat Capital AB Series B (FLAT-B)?
Our model-based price target is the fair value of kr 10.04 (as of Sep 27, 2026) from 2 valuation models. Cautious scenario kr 7.53, optimistic scenario kr 12.55. It is a calculation from audited fundamentals, not an analyst target.
What is the Flat Capital AB Series B stock forecast for 2026?
Our models put fair value at kr 10.04, about +28% upside versus a price of kr 7.82 (undervalued). Cautious scenario kr 7.53, optimistic scenario kr 12.55. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Flat Capital AB Series B (FLAT-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Flat Capital AB Series B it is kr 10.04 per share (as of Sep 27, 2026), against a price of kr 7.82. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Flat Capital AB Series B stock overvalued or undervalued in 2026?
As of Sep 27, 2026, FLAT-B trades below its calculated fair value: price kr 7.82, fair value kr 10.04, a gap of about +28% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FLAT-B?
No. The price is what the market pays today (kr 7.82); the fair value is what the company's own numbers justify (kr 10.04). For Flat Capital AB Series B the two are kr 2.22 per share apart. That gap is exactly why we show both numbers side by side.
How much is Flat Capital AB Series B worth?
The market values Flat Capital AB Series B at about 4.7B SEK (market capitalisation, as of Sep 27, 2026). Per share that is kr 7.82; our models calculate a fair value of kr 10.04 per share.
What do the bullish and bearish scenarios say about FLAT-B?
Our models span a range for Flat Capital AB Series B: cautious scenario kr 7.53, base kr 10.04, optimistic kr 12.55 per share (as of Sep 27, 2026, price kr 7.82). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Flat Capital AB Series B (FLAT-B)?
Balance-sheet figures for Flat Capital AB Series B (as of Sep 27, 2026): return on equity −60.4%. They feed the Quality Score of 20/100, which measures business quality independently of the share price.
How far is FLAT-B from its 52-week high?
Flat Capital AB Series B trades at kr 7.82, about 64% below its 52-week high of kr 21.90 and 2% above the low of kr 7.68 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of kr 10.04 is for.
Which stocks are comparable to Flat Capital AB Series B?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Flat Capital AB Series B stock attractive at the current price?
The data as of Sep 27, 2026: price kr 7.82, calculated fair value kr 10.04 (+28%), Quality Score 20/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FLAT-B calculated?
We run Flat Capital AB Series B through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 10.04, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Flat Capital AB Series B currently trades 28 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Flat Capital AB Series B (FLAT-B)?
The closing price on Sep 25, 2026 was kr 7.82. Our model-based fair value is kr 10.04, about +28% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Flat Capital AB Series B right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Flat Capital AB Series B

How large is the market capitalisation of Flat Capital AB Series B (FLAT-B)?
The market capitalisation of Flat Capital AB Series B is 4.7B SEK (≈ $475M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Flat Capital AB Series B (FLAT-B)?
Earnings per share at Flat Capital AB Series B are kr −17.31. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Flat Capital AB Series B (FLAT-B)?
The return on equity (ROE) of Flat Capital AB Series B is −60.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Flat Capital AB Series B (FLAT-B)?
On an EBIT basis the return on assets of Flat Capital AB Series B is −7.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Flat Capital AB Series B (FLAT-B)?
The operating margin of Flat Capital AB Series B is 99.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much revenue does Flat Capital AB Series B (FLAT-B) generate?
Flat Capital AB Series B generates revenue of −3.7B SEK (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How fast is revenue growing at Flat Capital AB Series B (FLAT-B)?
Revenue at Flat Capital AB Series B is growing +13.1% versus a year earlier (3y avg +12.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Flat Capital AB Series B (FLAT-B)?
Earnings per share at Flat Capital AB Series B are growing +72.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Flat Capital AB Series B (FLAT-B) generate?
The free cash flow of Flat Capital AB Series B is −21.2M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Flat Capital AB Series B (FLAT-B) hold?
Flat Capital AB Series B holds more cash than debt, 144M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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